Vancouver ends 2023 with average home price up 5% at $1.17M

Vancouver ended 2023 with a 5% increase in average home prices, reaching $1.17 million. Despite high borrowing costs, December home sales rose compared to the previous year. However, sales remained below the 10-year seasonal average. The Real Estate Board of Greater Vancouver reported 1,345 homes changing hands in December, a 3.2% increase from the same month in 2022. New listings also increased, but they were still below the seasonal average. The board attributed the price increase to low inventory levels and strong demand from qualified buyers.